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RETIRE THE PENNY

RETIRE THE PENNY. By Lisa Kolf. Retire the Penny.

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RETIRE THE PENNY

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  1. RETIRE THE PENNY By Lisa Kolf

  2. Retire the Penny • Due to gradual inflation over the history of the United States, the value of the penny has fallen so far that it is no longer worth what it costs to produce them. In order to combat this problem of wasteful spending to produce useless currency, the penny should be discontinued by the US Mint.

  3. Problem: Cost of Production • “In 2011, it cost 2.4 centsto make onepenny” • Pennies are 97.5% zinc with a copper plating.

  4. Problem: Decreased Value • Pennies can no longer buy anything. • Many Americans pay CoinStar to take unwanted change. • Pennies were once as valuable as today’s quarters

  5. Solution: Discontinue • Stop producing pennies • Round purchases to the nearest five cents. • Canada has since 2012. • In 1857, US stopped producing half-cents worth more than today’s dimes.

  6. Solution: Discontinue • Legislation must be passed: • Save II Act proposed in 2013, would prohibit “non cost-effective” coins and currency. • Obama’s 2015 budget discusses expenses of coin production, 2013 and 2014 authorized changes

  7. Opposition and Rebuttal • Fear of “the rounding tax” • “Rounding tax” study funded by the Zinc industry, biased. • In reality, prices would round down just as often as up. • Businesses compete with one another and cannot afford to leave customers feeling “cheated”

  8. Opposition and Rebuttal • Remembering Abraham Lincoln • Red herring argument: doesn’t address the wastefulness of pennies, instead appealing to emotions.

  9. Opposition and Rebuttal

  10. Conclusion • Cost of producing pennies has risen above two cents for each penny. • Rounding to the nearest nickel will balance out; prices will round down as often as up. • We must pass legislation to end production of pennies in order to adapt to modern times.

  11. Works Cited • "Cost to Make a Penny: Chart/Graph." CoinCollectingEnterprises.com. CC Enterprises LLC, n.d. Web. 25 Mar. 2014. <http://coincollectingenterprises.com/information/cost-to-make-a-penny>. • "CPI Inflation Calculator." Data.bls.gov. U.S. Bureau of Labor Statistics, n.d. Web. 25 Mar. 2014. <http://data.bls.gov/cgi-bin/cpicalc.pl?cost1=0.25&year1=1914&year2=2014>. • Ingraham, Christopher. "Taxpayers Lost $105 Million on Pennies and Nickels Last Year."WashingtonPost.com. The Washington Post, 10 Mar. 2014. Web. 25 Mar. 2014. <http%3A%2F%2Fwww.washingtonpost.com%2Fblogs%2Fwonkblog%2Fwp%2F2014%2F03%2F10%2Ftaxpayers-lost-105-million-on-pennies-and-nickels-last-year%2F>. • "Obama Wants Cheaper Pennies and Nickels." Money.CNN.com. Cable News Network, 15 Feb. 2012. Web. 25 Mar. 2014. <http://money.cnn.com/2012/02/15/news/economy/pennies_nickels/>. • Owen, David. "Penny Dreadful." NewYorker.com. The New Yorker, 31 Mar. 2008. Web. 25 Mar. 2014. <http://www.newyorker.com/reporting/2008/03/31/080331fa_fact_owen?currentPage=all>.

  12. Works Cited (continued) • Retirethepenny.org. Citizens to Retire the US Penny, n.d. Web. 25 Mar. 2014. <http://www.retirethepenny.org/>. • Thorpe, Jacqueline. "Canada Eliminates Penny Costing Penny-and-a-Half to Make."Bloomberg.com. Bloomberg, 29 Mar. 2012. Web. 02 Apr. 2014. <http://www.bloomberg.com/news/2012-03-29/canada-eliminates-penny-that-costs-penny-and-a-half-to-make.html>. • Zielinski, Michael. "Penny and Nickel Mentioned in Obama’s 2015 Budget."Coinupdate.com. Coin Update, 6 Mar. 2014. Web. 02 Apr. 2014. <http://news.coinupdate.com/penny-and-nickel-mentioned-in-obamas-budget-3180/>. • Zielinski, Michael. "SAVE II Act Would Prohibit “Non-Cost Effective” Coins and Currency."Coinupdate.com. Coin Update, 27 Sept. 2013. Web. 01 Apr. 2014. <http://news.coinupdate.com/save-ii-act-would-prohibit-non-cost-effective-coins-and-currency-2168/>.

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